According to Motilal Oswal Financial Services, total number of Demat accounts increased to 151m in Mar’24. New account additions surged to 3.1m in Mar’24 (average monthly additions of 3.1m in FY24). In Mar’24, CDSL continued to gain market share in terms of the total number of Demat accounts and also an increase in the market share on MoM basis. On a YoY basis, NSDL lost390bp/570bp market share in total/incremental Demat accounts.
The number of active clients at NSE increased 1.8% MoM to 40.8m in Mar’24. Currently, the top five discount brokers account for 63.8% of the total NSE active clients vs. 59.9% in Mar’23.
Zerodha reported a 0.9% MoM increase in its client count to 7.3m, with market share declining 20bp to 17.9%. Upstox reported a 0.6% MoM increase in its client count to 2.5m, with its market share declining 10bp to 6.2%. Groww reported a 3.8% MoM increase in its client count to 9.5m, with a 50bp rise in market share to 23.4%.
ISEC reported a 1.3% MoM decline in its client count to 1.8m, with a 15bp decline in market share to 4.5%. IIFL Sec reported a 0.3% MoM increase in its client count to 0.4m, with a market share of 1.1%.
Total ADTO (Average Daily Turnover) declined 5% MoM (up 95% YoY) to INR461t, with F&O ADTO declining 5% MoM and Cash ADTO declining 16% MoM. Total ADTO from BSE increased 8% MoM (led by growth in F&O volumes), whereas total ADTO for NSE declined 7% MoM. On a MoM basis, market share of BSE in the total cash T/O segment improved to 8.5% in Mar’24 (Feb’24 8.3%). BSE’s market share in the total options notional T/O segment and options premium T/O improved to 17.5% and 7.2%, respectively, in Mar’24.
